Verzon seals MCI takeover

US-based telecoms group Verizon Communications today said it was buying MCI, the former collapsed WorldCom group, for $5.3bn (€4bn).

New York-based Verizon beat off competition from fellow US telecoms group Qwest Communications for MCI, which employs almost 2,000 people in the UK and has changed its name from WorldCom, after suffering bankruptcy and a huge financial fraud.